Paytm launches gold savings, gifting services under wealth management offering | business news | Hindustan Times
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Paytm launches gold savings, gifting services under wealth management offering

The company said more than 60% of Paytm Gold purchases are from tier two and three cities with millennials constituting the majority.

business Updated: Mar 15, 2018 16:16 IST
Press Trust of India, Bengaluru
Picture Courtesy: Paytm Blog
Picture Courtesy: Paytm Blog

Mobile application basedfinancial services platform Paytm has announced the launch of two new services - Gold Gifting and Gold Savings Plan -- as part of its wealth management offering, Paytm Gold.

The company said customers can now send 24k 999.9 purity gold to each other instantly - offering them a convenient gifting solution.

The company said more than 60% of Paytm Gold purchases arefrom tier two and three cities with millennials constitutingthe majority.

The platform has witnessed repeat purchases ofPaytm Gold worth up to Rs 500 at regular intervals, thecompany said in a release.

The company said the Gold Savings Plan intends to help customers conveniently andregularly save in gold, as per their budget and requirement byentering the duration, frequency and amount of gold they wantto save.

The company said the customer’s gold will be stored in MMTC PAMP’s (a precious metals processing facility) secure and 100% insured’ lockers for free, with the option to get the gold delivered at any time.

“This would eliminate additional fees associated with offline Gold purchase like making and locker charges, while offering customers access to trusted and affordable gold savings for the long-term,” the company said.